HP Inc. and its subsidiaries (HP) announced fiscal 2023 net revenue of $53.7 billion (€49.2 billion), down 15% from the prior-year period.
Fourth quarter net revenue was $13.8 billion (€12.6 billion), down 6% from the prior-year period.
Personal Systems net revenue was $9.4 billion (€8.6 billion), down 8% year-over-year with a 6.7% operating margin. Consumer PS net revenue was down 1% and Commercial PS net revenue was down 11%. Total units were flat with Consumer PS units up 9% and Commercial PS units down 6%.
Printing net revenue was $4.4 billion (€4 billion), down 3% year-over-year with a 18.9% operating margin. Consumer Printing net revenue was down 21% and Commercial Printing net revenue was down 4%.
Supplies net revenue was up 3%. Total hardware units were down 19% with Consumer Printing units down 18% and Commercial Printing units down 24%.
“2023 was a year of steady progress. We executed well in a tough market and innovated in our key growth areas to finish the year with good momentum,” said Enrique Lores, HP President and CEO. “Our Future Ready plan is positioning us well to capitalise on attractive opportunities across our portfolio and deliver long-term sustainable growth.”
“Q4 was a solid quarter of sequential growth and strong free cash flow as we continued to improve the performance of the company,” said Marie Myers, HP CFO. “We are entering FY24 with a relentless focus on driving profitable growth, reducing our structural costs and returning 100% of our free cash flow to shareholders.”
